Knowing that you’re in debt can cause a lot of stress and worry in your life, and this is particularly true if you owe back taxes to the IRS. One of the most common questions we get from our clients is, “If I can’t pay my taxes right now, what are my options?”
Because not paying your taxes is a very serious offense, it is important that you understand all of your options for paying back the IRS.
To learn more about what to do if you fall behind on your taxes, click the link to watch the video below.
Whether or not you can afford to pay your taxes on time, you are still obligated to pay the IRS. Fortunately, the IRS offers ways to help you relieve the debt a bit. They offer monthly installment plans, and may be even willing to accept a settlement for less than or a fraction of the amount that you owe.
Before you apply for a monthly installment plan, however, there are steps that you should take to be sure that you have made the right decision, such as:
• File all required tax returns
• Consider other sources, such as a loan or credit card, to pay your taxes back in full, and possibly save money this way
• Determine the largest monthly payment that you can make (The IRS has a $25 minimum)
You must also understand that all future refunds will be applied to your tax debt as well, until your debt is paid in full.
An experienced tax attorney can help you negotiate with the IRS, come up with the best solution for your unique circumstances, and possibly save you thousands of dollars. For the help of a seasoned tax attorney today, call Ebbinghouse Law Group at the number below.
Ebbinghouse Law Group, LLC
320 N. Meridian Street
Suite 908
Indianapolis, IN 46204
317-635-4010